I’ve written already about the flow of North Sea oil to Asia but the above numbers put it in clearer perspective. The OPEC production cuts triggered this demand but it can be sustained now that North Sea crude premiums have fallen due to technological improvements and other efficiencies including the sale of fields from corpulent corporations with massive overheads and lower efficiency to smaller leaner companies.
China is now the second biggest consumer of North Sea oil after the UK itself. There are other factors behind this too including falling domestic Chinese oil extraction due to their inability to cope with lower premiums and, of course, massive growth in car ownership and expanding demand from their refineries.
This might be getting a bit repetitive but I think it’s important to keep on reminding everyone that the North Sea has long way to go and can be adding extra value to independent Scotland’s GDP for decades. You know where the cash is flowing at the moment.